Danske Bank quits new fossil fuel financing
Denmark’s biggest bank has declared an end to fossil fuel financing, after concluding that 99.9% of its carbon footprint comes from financed emissions.
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Oil, Natural Gas & Divestment
HSBC to end funding for new oil and gas fields
In 2020, HSBC – Europe’s largest bank – made a pledge to be “net zero” and invest up to $1 trillion in clean energy. But the bank has since come under criticism for investing billions in new oil and gas.
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Second oil company cancels its oil and gas lease in the Alaskan Arctic
Knik Arm Services has canceled its oil and gas lease for a tract of land in the Arctic National Wildlife Refuge, following fierce opposition by the Indigenous Gwich’in committee and environmental groups.
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World’s biggest reinsurer will no longer offer insurance or investment for new oil and gas developments
The German reinsurance group Munich Re will no longer invest in or insure the planning, financing, construction or operation of new oil and gasfields, new oil-fired power plants or developments in “midstream” oil infrastructure, beginning in April 2023.
$500 million divestment from fossil fuel companies announced by global faith institutions
The thirty-five institutions include Anglican, Baptist, Buddhist, Catholic, and Quaker organizations and represent over $1.2 billion in combined assets.
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35 faith institutions from seven countries announce multimillion-dollar fossil fuel divestment
The group, organized by the World Council of Churches, Operation Noah, Laudato Si’ Movement, Green Anglicans, and GreenFaith, has more than $1.2 billion in combined assets under management.
University of Montreal to divest from fossil fuels by end of 2025
The total value of the Fund was an estimated $420 million at December 31, 2021, with fossil fuel investments accounting for four per cent of its portfolio.
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Three oil companies pull out of Alaska’s Arctic National Wildlife Refuge
Indigenous and environmental groups led a campaign against drilling in the refuge, and 29 banks and 14 insurers now say they won’t fund drilling in the refuge.
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Zurich begins to turn off natural gas networks
The current shutdown in Switzerland’s biggest city is due to be completed in 2024 with more areas of Zurich set to see the end of natural gas between now and 2040.
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Quebec became the first jurisdiction in the world to explicitly ban oil and gas development in its territory
For two decades, citizens have mobilized against different oil and gas projects in Quebec, including shale gas in the St. Lawrence Valley and oil projects in Gaspésie.